In another attempt to make homebuying more affordable, President Donald Trump floated the idea of a 50-year mortgage in a social media post . In response, Federal Housing Finance Agency director Bill Pulte, who oversees Fannie Mae and Freddie Mac, posted that they are "working on it," and that it would be, "a complete game-changer."

The purpose of a longer-term mortgage would be to lower the monthly payment for homeowners. The longer the term of the loan, the smaller the principal needed each month to pay it off in full. But such a plan has other trade-offs.

Using the latest median sale price of a home from September, $415,200, according to the National Association of Realtors, and the current interest rate of about 6.3%, according to Mortgage News Daily, on a 30-year fixed loan with

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